Singapore’s Vallianz Holdings is teaming up with Penn Marine Service to increase its presence in the Thai offshore support vessel market.
The company said the joint venture will “combine the respective strengths and expertise to facilitate market share expansion in Thailand’s offshore energy industry”.
Vallianz, which already provides OSV chartering services in Thailand, has been working with Penn over the past few years to expand its market reach.
Penn, which was established in Thailand in 2019, specialises in the repair and maintenance of OSVs, as well as project management and other services.
To accelerate its business expansion in Thailand, Vallianz said it has formed a joint venture with Penn to leverage both company’s collective core competencies, strengths and networks.
“This joint venture is poised to create competitive and compelling offshore marine solutions to capture a larger market share with national and international energy companies in Thailand,” Vallianz said.
“As an entrenched owner and operator of OSVs that serves major energy corporations around the world, Vallianz is excited at this opportunity to expand and reinforce our footprint in Thailand’s offshore energy sector,” said Vallianz chief executive Ling Yong Wah.
“We believe this partnership will lead to synergies as it combines Penn’s local experience and extensive contacts in Thailand’s offshore energy industry, with Vallianz’s assets, competencies and integrated marine solutions.”
Thailand’s oil and gas sector is expected to see further development as its state-owned energy group intends to continue with investments to boost the exploration and production of oil and natural gas.
PTT, Thailand’s state-controlled energy company, has recently outlined significant investment plans in projects spanning renewable energy, oil and gas exploration and production activities and infrastructure development.
These projects, which will entail investments of around $28bn, are expected to take place between 2024 and 2028.
“The continued developments in Thailand’s offshore oil and gas industry are expected to augur well for demand of OSVs,” said Vallianz.
Vallianz is listed on Singapore’s sponsor-supervised listing board Catalist, which is modelled on the London Stock Exchange’s Alternative Investment Market.
The company operates across five areas of the offshore market – OSV chartering, specialised heavy transport, shipyard and engineering, marine technology, and renewable energy.
